KPI Green Energy shares gain on deal to develop green power projects

The company had reported profit of Rs 33.26 crore in the quarter ended June 2023 against Rs 22.23 crore in a year ago period.

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The share price of KPI Green Energy gained marginally on August 16 after the company entered into a contract with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT), a subsidiary of Mahatma Phule Backward Class Development Corporation (MPBCDC), a Maharashtra government undertaking.

At 10:06am, KPI Green Energy was quoting at Rs 841.20, up Rs 2.65, or 0.32 percent, on the BSE.

This collaboration establishes a significant strategic partnership aimed at the advancement of diverse projects, particularly those in the realms of renewable energy, the company said.

Under this agreement, KPI Green Energy has been appointed as a knowledge partner to MAHAPREIT, offering assistance in overcoming initial challenges by designing and formulating a comprehensive blueprint for project-specific strategic planning.

KPI Green Energy will provide dedicated support in operational and control management aspects throughout the entire project lifecycle.

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The company had earlier this month emerged as the winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for the development of a solar photovoltaic power project.

The company has successfully bid for a base capacity of 100MWAC (120MWP) and, as part of the Greenshoe Option, accepted the proposal for an additional 100MWAC (120MWP), thereby securing the full quoted capacity of 200MWAC (240MWP) grid connected solar photovoltaic power project.

The company had reported a profit of Rs 33.26 crore in the quarter ended June 2023 as against Rs 22.23 crore in a year ago period.